How to crack the HTS code
By Kali Kaufman In The Matrix, a computer hacker named Neo takes a red pill and unlocks a hidden world - one where he has powerful superpowers and insights into the nature of reality. Unfortunately, when it comes to trade compliance, there is no magic red pill. But if you want to know the truth, you need to crack the code. Specifically, the HTS code of your product. What is an HTS code? HTS codes, or Harmonized Tariff Schedule codes, are an important tool in world trade and international trade. They are derived from the Harmonized Tariff Schedule (HS) developed by the World Customs Organization (WCO) and used by most countries to classify goods. HS Code is a standardized classification system for imported and exported goods. It is a six-digit code, with the first two digits representing the chapter, the middle two digits representing the title, and the last two digits representing the subtitle. These codes are nearly universal; however,…
Are you prepared for the Section 301 tariff increase?
By Kali Kaufman The U.S. government’s recent decision to increase Section 301 tariffs on select Chinese imports is a significant development in the ongoing trade tensions between the U.S. and China. While intended to address long-standing trade issues, these tariffs have also raised concerns among importers that rely on Chinese goods. Understanding Section 301 Tariffs Section 301 of the Trade Act of 1974 authorizes the United States to investigate and respond to unfair trade practices of other countries. The recently added Section 301 tariffs target a range of Chinese products, including electronics, machinery, and consumer goods. A complete list of all recently added HTS codes is provided in Annex A. The goal is to encourage fair trade practices and create a level playing field for U.S. businesses. Importers' concerns For importers, the increase in tariffs presents several challenges: Increased costs: Higher tariffs mean higher costs for importing goods from China, which would squeeze profit margins and lead to higher prices…
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